Last 20 quarters of trend data · Basic Materials · Gold
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Harmony Gold Mining Company Limited's quarterly P/E stands at 0.3x, up 109.3% year-over-year — indicating the stock has re-rated higher or earnings have softened. EV/EBITDA has expanded 59.4% YoY to 0.2x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q2 '26 | Q4 '25 | Q2 '25 | Q4 '24 | Q2 '24 | Q2 '23 | Q2 '22 | Q4 '21 | Q2 '21 | Q4 '20 | Q2 '20 | Q4 '19 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 12.63 | 0.34 | 0.34 | 0.16 | 0.54 | 0.16 | 0.29 | 0.46 | 1.14 | 0.16 | — | 0.38 | — |
| — | +109.3% | +18.2% | -64.4% | -52.2% | +0.9% | — | +22.3% | — | — | — | — | — | |
| P/S Ratio | 2.44 | 0.07 | 0.06 | 0.03 | 0.05 | 0.03 | 0.02 | 0.03 | 0.03 | 0.03 | 0.04 | 0.03 | 0.02 |
| — | +123.2% | +161.9% | +19.1% | +67.6% | -9.6% | -44.4% | -10.0% | +26.9% | +101.8% | +91.7% | +74.4% | -11.6% | |
| P/B Ratio | 3.75 | 0.24 | 0.18 | 0.11 | 0.14 | 0.10 | 0.07 | 0.08 | 0.07 | 0.09 | 0.10 | 0.08 | 0.05 |
| — | +152.4% | +174.9% | +43.1% | +92.0% | +2.8% | -30.6% | -7.1% | +38.0% | +234.7% | +235.9% | +235.8% | +60.0% | |
| P/FCF | 16.72 | 0.58 | 0.41 | 0.24 | 0.35 | 0.31 | — | 1.25 | 1.87 | 0.42 | 0.88 | 1.08 | — |
| — | +88.6% | — | -80.9% | -81.2% | -27.9% | — | +15.7% | — | -86.7% | — | — | — | |
| EV / EBITDA | 6.73 | 0.20 | -0.04 | -0.05 | 0.09 | 0.13 | 0.40 | 0.20 | 0.13 | 0.13 | 2.17 | 0.44 | 0.53 |
| — | +59.4% | -110.0% | -122.1% | -29.2% | -3.3% | -81.8% | -53.9% | -74.7% | +3.8% | +814.0% | +2.8% | +304.2% | |
| EV / EBIT | 8.33 | 0.23 | -0.05 | -0.05 | 0.19 | 0.13 | 18.63 | 5.60 | 4.32 | 2.62 | — | 13.70 | — |
| — | +84.3% | -100.2% | -101.0% | -95.7% | -95.2% | — | -59.1% | — | -32.0% | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Harmony Gold Mining Company Limited's operating margin was 41.6% in Q2 2026, up 13.4 pp QoQ and up 26.0 pp YoY. This marks the 7th consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. The trailing four-quarter average of 29.8% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin expanded 63.3% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q2 '26 | Q4 '25 | Q2 '25 | Q4 '24 | Q2 '24 | Q2 '23 | Q2 '22 | Q4 '21 | Q2 '21 | Q4 '20 | Q2 '20 | Q4 '19 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.7% | 44.1% | 40.1% | 39.3% | 25.9% | 27.0% | 13.2% | 21.8% | 24.5% | 30.7% | 21.5% | 25.4% | 23.5% |
| — | +63.3% | +204.0% | +80.2% | +5.6% | -12.2% | -38.6% | -14.2% | +4.3% | +31.5% | -15.2% | +39.2% | +8.6% | |
| Operating Margin | 27.5% | 41.6% | 28.2% | 26.9% | 22.6% | 15.6% | 10.8% | 9.4% | 11.8% | 22.5% | -8.4% | 10.5% | -22.4% |
| — | +166.3% | +160.0% | +186.4% | +91.5% | -30.6% | +228.5% | -10.4% | +152.8% | -52.8% | -167.8% | +158.4% | -280.1% | |
| Net Margin | 19.5% | 19.9% | 17.8% | 21.2% | 8.9% | 18.8% | 8.0% | 6.3% | 2.6% | 21.2% | -16.1% | 8.6% | -19.7% |
| — | +6.3% | +121.6% | +234.8% | +250.6% | -11.5% | +149.9% | -26.6% | +112.9% | +141.7% | -276.7% | +172.1% | -226.5% |
| Metric | TTM | Q2 '26 | Q4 '25 | Q2 '25 | Q4 '24 | Q2 '24 | Q2 '23 | Q2 '22 | Q4 '21 | Q2 '21 | Q4 '20 | Q2 '20 | Q4 '19 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 32.2% | 18.5% | 13.8% | 18.1% | 6.6% | 16.5% | 5.7% | 4.3% | 1.6% | 16.8% | -9.2% | 5.8% | -10.9% |
| — | +11.8% | +141.5% | +320.1% | +302.1% | -1.7% | +162.5% | -25.4% | +115.1% | +186.1% | -401.0% | +246.7% | -302.6% | |
| ROA | 20.9% | 9.7% | 8.9% | 12.1% | 4.4% | 10.5% | 3.6% | 2.8% | 1.0% | 9.5% | -5.2% | 3.6% | -6.8% |
| — | -7.6% | +150.6% | +337.8% | +333.8% | +9.8% | +168.2% | -22.5% | +115.0% | +170.7% | -329.7% | +219.9% | -269.4% | |
| ROIC | 40.1% | 30.5% | 20.4% | 19.4% | 12.9% | 9.7% | 5.4% | 4.7% | 5.6% | 12.9% | -3.2% | 4.4% | -7.7% |
| — | +214.9% | +280.1% | +312.2% | +130.8% | -24.9% | +266.4% | +7.1% | +172.9% | +5.0% | -207.2% | +201.2% | -350.9% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Harmony Gold Mining Company Limited's Debt/EBITDA ratio is 0.6x, up from 0.2x last quarter — comfortably within a safe range. The current ratio has weakened 66.4% YoY to 0.54x, tightening the short-term liquidity position. Debt/Equity has risen for 3 consecutive quarters, indicating increasing financial leverage that investors should watch closely.
| Metric | TTM | Q2 '26 | Q4 '25 | Q2 '25 | Q4 '24 | Q2 '24 | Q2 '23 | Q2 '22 | Q4 '21 | Q2 '21 | Q4 '20 | Q2 '20 | Q4 '19 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.25 | 0.05 | 0.04 | 0.06 | 0.08 | 0.22 | 0.11 | 0.11 | 0.15 | 0.33 | 0.23 | 0.26 |
| — | +193.7% | -78.8% | -59.7% | -47.3% | -45.6% | -34.2% | -53.1% | -59.4% | -30.9% | +283.5% | +219.1% | +435.1% | |
| Debt / EBITDA | 0.09 | 0.57 | 0.17 | 0.16 | 0.26 | 0.46 | 1.60 | 0.92 | 0.63 | 0.72 | 18.68 | 1.56 | 2.04 |
| — | +25.2% | -89.1% | -82.3% | -59.1% | -36.6% | -91.4% | -41.0% | -69.4% | +43.8% | +1699.4% | -31.2% | +241.7% | |
| Current Ratio | 1.72 | 0.54 | 1.72 | 1.84 | 1.12 | 1.62 | 1.52 | 1.49 | 1.49 | 1.30 | 1.34 | 1.39 | 1.35 |
| — | -66.4% | +13.4% | +23.0% | -24.9% | +24.7% | +12.8% | +7.7% | +9.7% | +12.5% | -39.3% | +8.4% | -43.1% | |
| Quick Ratio | 1.41 | 0.38 | 1.41 | 1.46 | 0.77 | 1.11 | 0.97 | 1.06 | 1.04 | 0.97 | 1.02 | 0.86 | 0.75 |
| — | -65.6% | +45.2% | +37.4% | -26.6% | +14.4% | -5.2% | +24.3% | +40.0% | +44.6% | -36.6% | -13.3% | -54.5% | |
| Interest Coverage | — | 28.71 | — | — | 19.12 | 11.12 | 6.02 | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 20 years · Updated daily
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Harmony Gold Mining Company Limited's current P/E is 12.6x. The average P/E over the last 4 quarters is 0.3x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Harmony Gold Mining Company Limited's current operating margin is 27.5%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Harmony Gold Mining Company Limited's business trajectory between earnings reports.